Breaking Through the Cybersecurity Myths

Banking CIO Outlook | Wednesday, June 12, 2019




FREMONT, CA: Cybersecurity myths seem to be the biggest threat to the financial system. Financial services are spending a significant amount per employee on cybersecurity, more than double what the manufacturing industry spends. This doesn't mean there is an agreement regarding their views on cybersecurity. Here are a few myths about cybersecurity prevailing, which certainly needs to change.

• Cybersecurity is the IT Department's Job- See the Fact!

Many leaders believe that with the appointment of a C-level executive to oversee a challenge will be taken care of. Many organizations now have chief analytics, AI, customer, data, knowledge and many more. Many business executives think that one Chief Information Security Officer (CISO) and the IT team will be enough to put cybersecurity efforts under control. The entire enterprise is affected by cyber attacks and data breaches. Cyber incidents require communications with the institution's customers, partners, employees, and media. The executive team and board help in scripting the company's responses.

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• Only Big Enterprises are at Risk- Not Right Always!

Many organizations have a fatal belief that only big organizations are at a risk of facing cyber threats. Many studies have shown that this belief is illogical. Financial institutions with minimal revenue accounted for hacking and malware breaches. Precautions should always be taken, regardless of the company's size.

• Spending On Tools: The Best Indicator of Cybersecurity Performance

Cybersecurity is not a differentiator but is essential. Security is more vital for customers, and they have high expectations from organizations to stand up to their beliefs. But also being celebrated at cybersecurity is not going to attract more customers. Hence, spending on tools is the best indicator of cybersecurity performance.

• The Emergence of Digital Identity Scheme to Improve Cybersecurity Efforts

Banks have started thinking that they are digital identity providers. The political climate is also not favorable to a national identity effort. This will be seen as an endeavour to limit immigration. A government-driven identification system is not a priority of the current administration.

Educating employees about cybersecurity difficulties, along with the board members, is a necessity. It represents the bare minimum of what banks and credit unions must do. To achieve cybersecurity success, measurement and management is required and not just education.

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